The government of Meghalaya has initiated an all-encompassing program for enterprise promotion and incubation. PRIME (Promotion and Incubation of Market-driven Enterprises) is the name of this program.
Prime Meghalaya -Funding & Schemes
Prime Meghalaya – Prime Student Tinkering Fund
Entrepreneurship Promotion and Development Programmes (EPDP) and Incubators for Academic Institutions in Meghalaya PRIME has established a funding mechanism for students or student teams working on innovative entrepreneurship-related business and research concepts and ideas.
PRIME disburses an initial bulk sum of Rs. 25,000 directly to student teams in Meghalaya based on the recommendations presented by the E-Cells of the academic institutions supported by PRIME. On the basis of their reports, those student teams who are effectively utilizing the funds and making exceptional progress can file for an additional Rs. 25,000. Entrepreneurs from Colleges/Universities eligible for the grant will be closely connected to the PRIME initiative and its various programs, such as Pre-Incubation, Incubation, and Funding, after successfully implementing the funded project. If you are a student or student team interested in the aforementioned funding, please contact your respective E-Cell. Please contact PRIME via email if you are unaware of the E-Cell in your institute or if your institute does not have an E-Cell.
Prime Meghalaya – Skills Meghalaya Empanelment
PRIME, in collaboration with MSSDS – Meghalaya State Skill Development Society, is extending an exclusive offer to PRIME Meghalaya entrepreneurs.
Under the Skills Meghalaya program, entrepreneurs who have been incubated or supported by PRIME, and have proven unique skills and experiences, can get empanelled with MSSDS to carry out training and capacity building activities for individuals they can subsequently employ or enter into a business relationship with.
Interested business owners should contact PRIME to discuss the matter and then complete out the following application and enlistment form.
Prime Meghalaya – Interest Free Bank Loans for food Processing
The Zero Interest Loan Facilitation Program is a lucrative initiative undertaken by the government of Meghalaya in partnership with Northeast Small Finance Bank to facilitate credit access. This program aims to provide state-based entrepreneurs with financial stability and encourage them to expand their enterprises.
Meghalayan entrepreneurs-to-be who own food processing facilities and businesses were given the opportunity to apply for interest-free and collateral-free loans of up to 10 lakhs, with no collateral required. These loans are provided to enterprises in the food processing industry without interest because the government will pay the interest on their behalf.
This lucrative opportunity will enable the entrepreneurs in the food processing industry to expand their businesses without having to worry about finances.
Shillong and Tura served as the PRIME Hubs for the program. Northeast Small Finance Bank and PRIME experts assisted entrepreneurs who strolled in to inquire about the program or apply for loans.
Also read – Startup India Innovation Summit 2023 | Startup in India
Prime Meghalaya – College & University
PRIME intends to foster the entrepreneurship ecosystem in the state by utilizing a hub-and-spoke paradigm in which the state’s universities and colleges will serve as spokes and provide basic guidance and pre-incubation support to students who wish to start their own business. To this end, PRIME provides two avenues for engagement with the state’s higher education institutions.
Faculty Development
PRIME provides faculty development courses so that engaged educators can assist students in their entrepreneurial endeavors. Due to the intimate relationship that professors, teachers, and lecturers have with their students, it is of the utmost importance that they are equipped with the appropriate skillset to assist aspiring entrepreneurs to a certain degree. PRIME actively reaches out to the state’s institutions in order to provide this faculty development so that they are able to develop their own in-house pre-incubation program. IIM Calcutta Innovation Park will officially accredit the institutes whose faculty development has been completed.
Idea Clinic & Knowledge Sessions
Together with the various departments of the state’s colleges and universities, PRIME is hosting an interactive session dubbed Idea Clinic to help nascent start-up ideas advance. The program will assist students with novel concepts. They can participate in the virtual or physical session, discuss their ideas, and seek assistance from industry experts who will provide immediate feedback, identify the pros and cons of their ideas, and assess the execution feasibility. The carefully selected experts from a variety of disciplines will assist the young minds in validating their start-up ideas by providing instant feedback and crucial suggestions that will aid them in building a prototype or concept in order to move forward.
Further knowledge sessions (such as “From Idea to Execution”), conducted exclusively for individual colleges and universities, can be designed and implemented according to the institutes’ needs. All state-based educational institutions that are interested in collaborating with PRIME are exhorted to get in touch via the listed channels.
Financial Support to Local Entrepreneurs Intending to Set Up Advanced Training Centres in Meghalaya
The topic of interest pertains to the development of skills and abilities in individuals and organizations. Specifically, it focuses on the process of training and the extent to which individuals and The act of building is an essential element for any entrepreneur, as it enables the acquisition of vital skills in both technical and business domains, ultimately leading to the establishment of a viable and prosperous organization. Currently, the presence of well-equipped training facilities in Meghalaya is severely restricted, with certain sectors lacking any such provisions. In order to get advanced training of superior quality across many sectors, entrepreneurs are often required to undertake extensive travel and incur substantial financial expenses. The implementation of innovation-focused training holds significant importance for entrepreneurs as it enables them to effectively penetrate emerging markets and maintain a competitive advantage over rivals.
The objective of PRIME is to provide financial assistance to local entrepreneurs in Meghalaya with the aim of establishing training facilities within the state. These facilities will be dedicated to delivering entrepreneurship-focused and innovation-driven training programs, as well as enhancing capacity building initiatives in Meghalaya. The selection process will involve a competition to determine the most outstanding proposals.
PRIME-Sauramandala Rural Entrepreneurship Fellowship
The PRIME-Sauramandala Rural Entrepreneurship Fellowship (PSREF) presents a unique and singular opportunity for young individuals who aspire to effect positive change, enabling them to actively participate in the advancement of undeveloped rural regions. The program in question is a rural entrepreneurship project jointly undertaken by the Planning Department of the Government of Meghalaya and the Sauramandala Foundation. Each PRIME Fellow, accompanied by two local PRIME Associates from Meghalaya, would be assigned to certain isolated areas within Meghalaya. Their primary objective will be to actively foster and support rural business in these regions. The PRIME Associates hailing from Meghalaya will provide assistance to the PRIME Fellows in comprehending the intricacies, dynamics, and nuances of the local culture. The Fellows and Associates will be actively involved on a full-time basis for the whole period of the fellowship. The teams will endeavor to identify the most potential rural (nano) entrepreneurs within their particular blocks and villages. They will strive to gain a comprehensive understanding of the issues faced by these entrepreneurs and provide them with guidance and support on various themes such as:
Fellows and Associates will help these entrepreneurs realize their full potential and become role models, igniting a shift in the youth’s mindset toward entrepreneurship and away from traditional (government) jobs.
Fellows and Associates will engage in regular communication with their peers, the PRIME-Sauramandala team, and renowned mentors from industry, academia, and the startup world who will assist them in completing their tasks as members of a unique and exclusive PSREF community that also extends into the PRIME ecosystem.
There will be numerous cross-functional exchanges and engagements with teams and initiatives funded by external organizations such as the World Bank, JICA, and IFAD, ensuring unparalleled exposure to rural development. Fellows will also have the opportunity to contribute to state-level policy concerns and to the conceptualization of new interventions for promoting rural entrepreneurship, based on their acquired insights and knowledge.
A regular exchange with high-level officials, such as Deputy Commissioners, Principal Secretaries, and community leaders, will also expose the chosen candidate to high-level decision-makers. Individuals will develop essential life skills such as interpersonal communication, interdisciplinary collaboration, and critical and design thinking while working with some of the country’s most remote and underdeveloped communities.
PRIME Fellows and PRIME Associates will be thoroughly prepared for a career in rural development, startup incubation, or entrepreneurship promotion with high-level national and international organizations due to the exposure and knowledge acquired during the PSREF. You will receive a certificate detailing your accomplishments and field of employment upon graduation.
Innovative Machinery & Replicable Business Models for Small-Scale & Rural Entrepreneurs in Meghalaya & the North-East
PRIME Meghalaya in collaboration with SCSTE – State Council of Science, Technology & Environment Meghalaya is conducting the “North-East Entrepreneurship Machinery & Innovation Exhibition (NEEMIE)” from 29th November 2022 to 2nd December 2022 at Shillong, Meghalaya.
The exhibition will feature machinery, business models, and solutions that are suitable for entrepreneurs in Meghalaya and the North-East, taking into account the region’s unique geographical and environmental conditions and constraints (e.g., limited power, infrastructure issues, small processing units, etc.).
Solutions, Machines, and Replicable Business Models for the subsequent industries will be displayed. These must be appropriate for use/replication/operation by small-scale and/or rural entrepreneurs.
PRIME is launching PRIME Meghalaya’s Competition for “Innovative Machinery & Replicable Business Models for Small-Scale & Rural Entrepreneurs in Meghalaya & the North-East” in order to identify the most prospective innovators and start-ups from across India related to these industries.
The TOP5 innovators will receive a comprehensive support package that will enable them to showcase their solutions at this exhibition, which will attract entrepreneurs and high-level visitors from the entire North-East.
The winners will receive free exhibition space during the NEEMIE as well as free flight tickets, transportation, and accommodation for two persons in Shillong during the exhibition (up to a certain maximum limit).
The evaluation will be conducted solely by the selection committee based on the machinery’s/solution’s applicability to the local ecosystem and the extent to which local entrepreneurs would benefit.
